Supplemental Life Insurance Information
SUPPLEMENTAL LIFE INSURANCE PREMIUM INFORMATION
Additional Employee Life Insurance
|
Coverage
|
Rate
|
|
|
Supplemental Term Life for Employee Premium is per $1,000 of Coverage Ex: $30,000 of coverage for employee 30 years of age: $30,000 x $.08 = $2400 Since premium is per thousand = $2400/1000 = $2.40 per month or $1.20 per paycheck (24 payperiods). |
Age Range
|
Premium
|
|
Under 30
|
$ . 06
|
|
|
30 - 34
|
$ .08
|
|
|
35 - 39
|
$ .09
|
|
|
40 - 44
|
$ .12
|
|
|
45 - 49
|
$ .20
|
|
|
50 - 54
|
$ .34
|
|
|
55 - 59
|
$ .51
|
|
|
60 - 64
|
$ .69
|
|
|
65 - 69
|
$1.27
|
|
|
70 or more
|
$2.06
|
|
Spousal and Dependent Life Insurance
|
Coverage
|
Rate
|
|
|
Supplemental Term Life for the Spouse* Premium is per $1,000 of Coverage Ex: $30,000 of coverage for employee 30 years of age: $30,000 x $.08 = $2400 Since premium is per thousand = $2400/1000 = $2.40 per month or $1.20 per paycheck (24 payperiods). |
Age Range
|
Premium
|
|
Under 30
|
$ . 06
|
|
|
30 - 34
|
$ .08
|
|
|
35 - 39
|
$ .09
|
|
|
40 - 44
|
$ .12
|
|
|
45 - 49
|
$ .20
|
|
|
50 - 54
|
$ .34
|
|
|
55 - 59
|
$ .51
|
|
|
60 - 64
|
$ .69
|
|
|
65 - 69
|
$1.27
|
|
|
70 or more
|
$2.06
|
|
Dependent life insurance is available at a level of $4,000 for dependents aged two weeks to 19 years of age. Children less than 14 days of age and/or those in full-time active military service are not eligible. Premium is a family rated monthly premium regardless of the number of eligible dependents covered. Family rate is $ .60 per month.
* Employee must purchase 1x supplemental insurance in order to purchase spousal and/or dependent life insurance.
Please note: The benefit plans summarized on these web pages are guidelines only. Every effort has been made to make these descriptions as brief, accurate and easy to understand as possible. Therefore, all details may not be described here. If there is a difference between the information in this publication and the official plan documents, the official plan documents will govern. In addition, the Colleges retain the right to supplement, modify, amend or eliminate benefit policies and plans. For more specific information, please contact the Office of Human Resources.